Pavel Filip about insurance market: Market stabilization and continued operation within "Green Card" system are priorities of Government
foto: gov.md
The situation on the insurance market, the challenges that exist and the solutions to overcome them were discussed today by Prime Minister Pavel Filip and the representatives of the Council of Bureaus in Brussels.
The Prime Minister said that securing the stability of the insurance market is a priority of the Government. Actually, it is undergoing several positive changes due to the joint efforts of the Government, the National Commission for the Financial Market and the National Motor Insurers Bureau (NMIB). Pavel Filip said that as stabilization of the financial and banking sector has been achieved, where serious investors such as Transilvania Bank and EBRD have come, so stability and predictability will be ensured in the non-banking sector as well.
To this end, the Strategy for the Development of the Non-Banking Financial Market and the Plan for Measures for Strengthening the Financial Capacity of Insurers has recently been approved. The implementation of these documents will bring positive developments in the non-banking market.
"The insurance market is growing, financial guarantees are met and local insurers pay the damages. That means things are moving in the right direction. Where there are problems, we are ready to intervene", said Pavel Filip.
Currently, the insurance market generates revenue, being able to fully cover the volume of liabilities assumed, and the Green Card insurance product is profitable.
Daniel Wernli, Chairman of the Monitoring Committee of the Council of Bureaux in Brussels, noted the efficient working with the National Motor Insurers' Bureau and the importance of forging it. "We want the NMIB to be a strong, functional and trustworthy partner", emphasized Daniel Wernli.
The biggest challenge is the liberalization of the non-bank market, expected from 1 July 2019. At present, work is under way to prepare the regulatory framework required for this purpose, including to prevent potential risks.
The Prime Minister said that securing the stability of the insurance market is a priority of the Government. Actually, it is undergoing several positive changes due to the joint efforts of the Government, the National Commission for the Financial Market and the National Motor Insurers Bureau (NMIB). Pavel Filip said that as stabilization of the financial and banking sector has been achieved, where serious investors such as Transilvania Bank and EBRD have come, so stability and predictability will be ensured in the non-banking sector as well.
To this end, the Strategy for the Development of the Non-Banking Financial Market and the Plan for Measures for Strengthening the Financial Capacity of Insurers has recently been approved. The implementation of these documents will bring positive developments in the non-banking market.
"The insurance market is growing, financial guarantees are met and local insurers pay the damages. That means things are moving in the right direction. Where there are problems, we are ready to intervene", said Pavel Filip.
Currently, the insurance market generates revenue, being able to fully cover the volume of liabilities assumed, and the Green Card insurance product is profitable.
Daniel Wernli, Chairman of the Monitoring Committee of the Council of Bureaux in Brussels, noted the efficient working with the National Motor Insurers' Bureau and the importance of forging it. "We want the NMIB to be a strong, functional and trustworthy partner", emphasized Daniel Wernli.
The biggest challenge is the liberalization of the non-bank market, expected from 1 July 2019. At present, work is under way to prepare the regulatory framework required for this purpose, including to prevent potential risks.